The company certainly has the cash -- more than $77 billion as of its last earnings report. And it might make sense incorporate Hulu into the iTunes store, especially if Apple can get an exclusive. It would certainly be a setback for competitors like Amazon and Google.

But so many companies have been rumored to be interested in Hulu, this report might only mean that Apple took a meeting with the bankers trying to sell Hulu -- just like Google did a couple weeks ago. Google would probably face serious antitrust scrutiny if it tried to buy Hulu, since it's got YouTube, which dominates online video.